Private Sale Auto Loans

While most people typically go shopping at a dealership when buying a car, sometimes it can be easier, cheaper, or less hassle to buy from a private seller. And you might not realize it, but you can still acquire financing for those private vehicle purchases from Amherst FCU. Here’s how it works:

1. What is a “private sale”? A “private sale” refers to a vehicle being sold directly to an individual by a private seller/party rather than a dealership or other business. Private sales typically occur between family members or friends, or are facilitated through a third-party service like Craigslist or Facebook Marketplace.
   
2. Vehicle Valuation. The most important thing to keep in mind when attempting to secure financing for a private sale is the value of the vehicle. It is our policy that we can only lend up to what a vehicle is worth per reputable reference sources like Kelley Blue Book. This helps ensure you don’t end up overpaying for a vehicle.
   
3. Purchase Agreement. Even though it’s a private sale, we do still require a contracted “purchase agreement” or “bill of sale” between the buying and selling parties. Basic information about the vehicle and both parties are required, and a free template can be requested from our office staff.
   
4. Lending policy. Keep in mind all auto lending policies still apply in regard to vehicle age, as well as income and credit qualifications.

Published November 1, 2025